Additional Treasury Operations Procedures | NSU …
Bank Accounts
New Accounts/Signature Cards:
• The Treasurer opens all bank accounts.
• The Treasury Department obtains required signatures necessary to open and establish the bank account.
• The Treasury Department sends the signed documents to the bank and keeps copies of the documentation for the University’s records.
Bank Reconciliations
• The Treasury Department receives the bank statements for the University’s bank accounts (by FED EX) by the 3rd business day of each month.
• The bank statements are disbursed to the respective Treasury Department personnel responsible for each bank account.
• Bank reconciliations are performed by printing the respective GL report(s) (through the Banner system) and reconciling between the GL, the bank statement and all journal entries (i.e. bank fees, credit card fees etc.) posted (by the treasury department) for the respective bank accounts.
• Reconciling items not posted and carried as outstanding are proposed to the respective department heads responsible for the bank accounts and investigated.
Bank Account 6 (University’s main checking account), Bank Account 11 (Nova’s Payroll Account) and Bank 62 (Grand Oaks Payroll Account):
• The bank reconciliations are performed by printing the GL reports (through the Banner system) and reconciling between the GLs, the paid/unpaid reconciliation reports (provided by SunTrust), the bank statements and all journal entries (i.e. bank fees, credit card fees etc.) posted (by the treasury department) for the respective bank accounts.
• Reconciling items are proposed to Accounts Payable/Payroll and investigated.
Jamaica Accounts:
• (Main) Jamaica Currency Account – Students make tuition payments directly into this account. Money is transferred from this account into one of two other Jamaica accounts (US currency account or Operations Account).
• US Currency Account – Four transactions transpire in this account.
a. Students make tuition payments in US dollars (to the bank directly) into this account. The bank sends tuition payment vouchers for all tuition payments received with the monthly statement.
b. Money is transferred from Main Jamaica Currency account into this account.
c. The Operations Account balance is transferred into this account.
d. Money is transferred from this account into Bank Account 20 (US $) (The University’s main tuition account), quarterly by the Treasurer.
• Operations Account – Money transferred from (Main) Jamaica Currency Account into this account to pay monthly expenses (usually around $2,000,000 Jamaican monthly - $40,000 US monthly). Significant balances in this account are transferred to the US Currency Account.
• The University uses Citigroup for the Jamaican bank accounts. Through Citiservices, 4 electronic banking cards are issued in order to transact daily banking transactions. The four cards are electronically programmed to authorize and grant access authority. 1 card allows read-only authorization, 2 cards grant transaction initiating authority and 1 card grants authorization authority.
• A University representative (in Jamaica) disburses all monthly expenditures for Jamaica expenses from the Operations account monthly.
• The representative sends the Check register and all paid invoices to the Treasury Department for reconciliation purposes.
• Jamaica’s University Representative can view the bank accounts, but does not receive the statements and does not reconcile the Jamaican bank accounts.
• The Treasury Department scans the Check Register for unusual transactions and prepares the monthly bank reconciliations for the Jamaican Bank accounts (by the 20th of each month).
• The Treasury Department prepares the Jamaica expenditure JEXL Feed.
• The Controller’s Office uploads Jamaica’s expenditures (through JEXL Feed) to the Banner system. The Treasurer approves expenditures.
Bahamas:
Bahamas Accounts: Checking
Tuition
• The University uses Royal Bank of Canada for the Bahamas’ bank accounts. Only two people have the pass code for these bank accounts, the Treasurer and one other member of the Treasury Department.
• On a weekly basis, the Treasury Department scans the Bahamas’ checking account to ensure that tuition payments were not posted into the account in error.
• If tuition payments are posted to the checking account, the Treasury Department emails the Royal Bank of Canada contact with the transactions that need to be moved from the checking account into the tuition account.
• The bank contact transfers the money and the information logged for the specific transaction from the checking account to the tuition account.
• Once the transfer is completed, the bank contact notifies the Treasury Department and the Treasury Department notifies Director of Finance and Operations of Nova Southeastern University Student Educational Centers and the student’s account will reflect the proper tuition payment.
• On a monthly basis, the Director of Finance and Operations of NSU Student Educational Centers contacts the Treasury Department to transfer money from the Bahamas’ tuition account into the Bahamas’ checking account to pay the Bahamas’ monthly expenses.
• The Treasury Department prepares a wire transfer to transfer the funds between the accounts and the Treasurer approves the transfer.
• A University representative (in the Bahamas) disburses all monthly expenditures (except payroll) for the Bahamas site from the checking account between the 1st and 5th of each month.
• The representative sends the check register and all paid invoices to the Treasury Department for reconciliation purposes.
• The Bahamas’ University Representative can view the bank accounts, but does not receive the statements and does not reconcile the Bahamas’ bank accounts.
• The Treasury Department scans the Check Register for unusual transactions and prepares the monthly bank reconciliations for the Bahamas’ bank accounts (by the 20th of each month).
• Deloitte & Touche disburses payroll checks (for the Bahamas operation) from an account Deloitte & Touche controls (for payroll purposes).
• The payroll funding (for the Bahamas operation) is funded from the Bahamas’ tuition account.
• On a monthly basis, Deloitte & Touche emails the University’s payroll manager with the amount needed for that month’s payroll.
• The payroll manager approves the dollar amount and notifies the Treasury Department and the Treasurer to transfer the money from the tuition account into the account Deloitte & Touche account (used for payroll).
• The Treasury Department contacts the bank with the proper transfer instructions (i.e. the transfer amount and the accounts that should be debited and credited).
• When the Treasury Department receives confirmation of the transfer, the Treasury Department notifies the Treasurer, the Payroll manager and Deloitte & Touche that the transfer has been completed.
• The Treasury Department prepares the Bahamas’ expenditure JEXL Feed.
• The Controller’s Office uploads Bahamas’ expenditures through the JEXL Feed into the Banner system.
• The Treasurer approves the expenditures.
• On a quarterly basis, the University transfers money from the Bahamas’ tuition account into bank account 20.
• The Treasurer instructs the Treasury Department to transfer the money.
• The Treasury Department sends a request(s), via fax, to the Central Bank of the Bahamas (the Treasurer approves the fax).
• The Central Bank has to approve all money transfers out of the Bahamas.
• Once the Central Bank of the Bahamas grants approval, the Treasury Department sends the Royal Bank of Canada the proper wire instructions (the dollar amount and the accounts that should be debited and credited) to transfer the money from the Bahamas’ tuition account into bank account 20. The University is currently allowed to transfer $2,000,000 annually out of the Bahamas’ tuition account.
• The Treasury Department prepares the journal entry for the transaction.
• The Treasurer approves the journal entry.
• Another Treasury Department employee posts the journal entry into the Banner system.
Bank Account 4 (Sallie Mae Cancels):
• Monthly Bank reconciliations is performed by printing the GL report (through the Banner system) and reconciling between the GL, the OIT reports, the bank statement, the Sallie Mae statement and all journal entries posted (by the treasury department) for this account.
EFT Account:
• A monthly bank reconciliation is performed by printing the GL report (through the Banner system) and reconciling between the GL, the lender statements and the bank statement for this account.
Bank of America (Origination Fees):
• Monthly bank reconciliations are performed by printing the GL report (through the Banner system) and reconciling between the GL, the NelNet statement and the bank statement for this account.
Bank Account 61 (Grand Oaks):
• The Treasury Department receives monthly bookkeeping information from the Grand Oaks’ bookkeeper/accountant on a monthly basis.
• The Treasury Department key punches Grand Oaks’ information into the Banner system.
• The Treasury Department scans the information for unusual balances and entries.
• The Treasury Department reconciles the bank account. Reconciling items are proposed to the Grand Oaks’ bookkeeper and investigated.
Emergency Loan Funds (Law School, Whitaker (Psychology School), Labelle and Labonte):
• Bank reconciliations are performed by printing the respective GL report(s) (through the Banner system) and reconciling between the GL and the bank statement(s) for the respective bank account(s) for these emergency loan funds.
• These funds are utilized by the different centers to assist students in their time of need.
Non Memo Bank Account Monthly Reconciliations
SLMA Class 800 Report:
• The Controller’s Office does a reconciliation for the loans sold and returned (and the fees attached to these services) between NelNet and Sallie Mae Loan Services.
• The Controller’s Department performs this reconciliation by reconciling the 800 Report from Sallie Mae and the monthly Activity spreadsheet provided by NelNet.
Participation Agreement:
• The Controller’s Office does a reconciliation for the difference between the Origination Fees and Disbursement Fees recorded by NelNet to what is recorded by the University.
• The Controller’s Office reconciles between the GL and NelNet statements.
Merchant Services (Credit Cards)
Merchant Account Reconciliation:
The Treasury Department handles all credit card activity reconciliations.
• One Treasury Department employee has online access to all Visa and MasterCard merchant accounts activity.
• The Treasury Department has one access code for American Express merchant accounts and the entire department accesses respective American Express merchant accounts with the one access code (for online statement purposes), and has view capability only.
• Visa, MasterCard and American Express merchant accounts are linked to the University’s different bank accounts (depending on the nature and purpose of the merchant account). The Treasury Department employee in charge of a bank account with a merchant account attached to the bank account is responsible for the coordinating merchant account (i.e. reconciliation between the activity reported by the University and the activity reported by the bank and preparing journal entries for monthly fees) of the merchant account (activity) attached to the bank account.
(Note: A single bank account can have more than one merchant account attached to the account.)
• Monthly statements are sent by mail for Visa and MasterCard, and disbursed throughout the Treasury Department upon delivery.
• Monthly American Express merchant account activity is printed from online capabilities.
Equipment Ordering/Maintenance:
The Treasury Department orders and maintains all University credit card machines.
• When a department needs a credit card machine, whether electronic or manual, the department in need sends a request to the Treasury Department.
• The Treasurer approves (or denies) the credit card machine purchases request.
• The Treasury Department purchases the machine(s) and requests a new merchant number (if a new merchant account) from Bank of America, the service provider.
• Bank of America activates the credit card machine, and sends the activated equipment to the Treasury Department.
• Upon receipt, the Treasury Department sends the equipment to the Grants and Contracts department for equipment tagging (the Treasury Department tracks the equipment via the equipment tag).
• After the equipment is tagged, the Grants and Contracts department returns the equipment to the Treasury Department.
• The Treasury Department contacts the department (that requested the machine) to pick up the machine.
• The department representative retrieving the equipment fills out and signs a form (the top portion of the form) that grants custody and usage authority to the requesting department.
• When the department returns the machine to the Treasury Department, the bottom portion of the form is completed and custody and usage authority are revoked, and the credit card machine is deactivated.
• The Treasury Department keeps deactivated machines in its possession.
• When a department requests a credit card machine the Treasury Department contacts Bank of America and requests that the credit card machine be reactivated (either with a new merchant number or a deactivated merchant number). Upon reactivation, the requesting department fills out the required form and is granted custody and authorization to use the machine.
American Express Charge-backs (disputes):
• American Express notifies the Treasury Department of charge-back (disputes) via email.
• The Treasury Department downloads and prints the dispute information, and faxes the information to the department involved with the dispute (the Treasury Department employee in charge of the specific bank account that the American Express merchant account is attached to keeps the dispute information in their records). Charge-back (dispute) investigations and resolutions are handled by the department involved in the dispute.
• If the department under dispute does not handle the dispute in a timely manner, the Treasury Department turns the charge-back (dispute) information over to the Treasurer who then contacts the department to help facilitate proper account resolution.
Key Punching
• The Treasury Department manually posts journal entries into the Banner system for various University departments.
• The Treasury Department scans the paper support provided to the Treasury department for two different signatures (the preparer’s signature and the approval signature).
• Once the journal entry is posted, the entry is booked into a log (book) by journal entry number, description (the preparer’s name), the journal entry’s date, the journal entry’s amount and the batch number.
• The back-up support (the signed journal entry and a copy of the posted entry with a register tape showing the amount of the batch total) is stored and filed.
JEXL FEEDs
• The Controller’s Office receives large journal entries (more than 15 line items) from the different University departments that have access to the shared drive.
• The Controller’s Office either accesses the shared drive and converts spreadsheets which need to be uploaded into the Banner system, into a template that the Banner system can process or manually creates the JEXELFEED from raw data provided by the different departments.
• The Controller’s Office uploads the converted files into the Banner system (for posting) and scans for errors. Errors are reported to and investigated by the respective department. Authorization for the JEXELFEED occurs after the upload.
• The Controller’s Office runs a hard copy of the upload and disburses for proper authorization.
Systems Administration
• The Treasury Department updates online system registrations (for CCCR) and grants online access and password to systems/programs such as , POS Partners, American Express, SunTrust, Bank of America and EMoney (Grand Oaks’ system) for the University’s employees.
• A University employee in need of access to a system emails the request (for whichever system the employee needs access to) to the Treasury Department.
Tuition Waivers
• The Treasury Department receives tuition waivers for University employees.
• The Treasury Department batches tuition waivers by department and posts one entry per department.
• The Treasury Department scans the paper support for proper approval (department head and HR) and posts the entry.
• The back-up support (the signed tuition waiver and a copy of the entry) is stored and filed.
Account Analysis Statement
• On a monthly basis, the Treasury Department prepares a check request for the bank charges on all accounts held at the bank (the analysis prepared by the bank comes on one statement for all bank accounts).
• The Treasury Department prepares the check request, the Treasurer authorizes the payment and the check request is sent to Accounts Payable for payment.
SOL (Self Originating Loan) Analysis
• On a monthly basis, the Controller’s Office prepares a spreadsheet to net loan program revenues (interest income on EFT and Bank of America Origination Fee accounts, loan premiums and income from NelNet) to loan program expenses (expenses paid to NelNet for the loan program).
• The Controller’s Office prepares this spreadsheet to track the profitability of the loan program.
NelNet Bill of Sale
• On a monthly basis, the Controller’s Office prepares a check request for the NelNet charges.
• The Controller’s Office prepares the check request, the Executive Director authorizes the payment and the check request is sent to Accounts Payable for payment.
Calculate Sales Tax and File Return
• On a monthly basis, the Controller’s Office files a sales tax return with the state of Florida.
• The Controller’s Office runs GL reports for all departments (accounts) affected.
• The Controller’s Office calculates the total sales tax owed for all departments based on a calculation (6% of sales).
• The Controller’s Office electronically files the return with the state. The Controller’s Office posts a journal entry for the transaction and keeps a copy of the filed return with the posted journal entry as support.
• The Controller’s Office receives authorization for the journal entry after the journal entry is posted.
Quarterly LaRS Invoice from DOE NelNet Liability Wire Transfer
• On quarterly basis, the University receives an invoice, from the Department of Education, for the amount owed to the University by the Department of Education or that the University has to pay the Department of Education.
• The Controller’s Office calculates the amount owed (either way) as the net of the Interest Benefit and Special Allowance the University receives and the Origination Fees and Lender Fees the University receives for the loans disbursed to the students.
• The Controller’s Office either submits the amount owed to the Department of Education or watches for deposit of the amount owed to the University by the Department of Education.
• The University and NelNet have a contract, the Participation Agreement, in which the University has to disburse the Special Allowance and the Interest benefit (from above) to NelNet.
• A senior accountant in the Controller’s Offices proposes a wire transfer and another senior accountant in the Controller’s Office imitates the wire transfer to NelNet for this amount.
• The Controller’s Office posts a journal entry that reduces the liability owed to NelNet. Either the Treasurer or the Assistant Controller authorizes the journal entry and the journal entry is posted into the Banner system by the Treasury Department.
NelNet (Incoming Wire) for Lender Fees
• Per the contract the University holds with NelNet, NelNet pays the University an agreed upon percentage of all loans disbursed to the University’s students.
• On a monthly basis, NelNet provides the University with a monthly activity report. Based on that report, the Controller’s Office calculates the agreed upon percentage of the loans disbursed.
• The Controller’s Office proposes a journal entry to acknowledge the deposit and to book the income as revenue into a revenue account.
• The journal entry is approved by either the Assistant Controller or the Treasurer and key punched into the Banner system by the Treasury Department.
NelNet Loan Servicing Fees
On a quarterly basis, the University receives the NelNet loan servicing bill.
• The Controller’s Office reconciles the amount owed to NelNet between a spreadsheet provided by NelNet and a spreadsheet compiled by the Controller’s Office.
• The Controller’s Office prepares a check request for payment and either
• The Assistant Controller or the Treasurer authorizes the check request.
• The check request is sent to the Accounts Payable department for disbursement.
EFT Income/Scholarship Accounts
• On a monthly basis, the Controller’s Office prepares a journal entry to credit a revenue account for the interest income earned on the EFT bank account (the journal entry is approved by either the Assistant Controller or the Treasurer and key punched into the Banner system by the Treasury Department).
• On a quarterly basis, top management analyzes the revenue account and transfers the money into an account set up for special scholarship disbursement, as designated by the Deans of the University. 60% of the interest earned transfers into the EFT scholarship account and 40% of the interest earned transfers into the Restricted Account – Student Services.
• The journal entry prepared to initiate the transfer into the scholarship accounts are approved by either the Assistant Controller or the Treasurer.
• This scholarship account is factored into the department’s SOL analysis.
Monthly Wire Transfers
• The Controller’s Office initiates wire transfers (for payments or for transfers between accounts) on a monthly basis.
• A member from the Controller’s Office prepares the wire transfer, either the Assistant Controller or the Treasurer approves the wire transfer and another member from the Controller’s Office initiates the wire transfer.
• The employee initiating the wire transfers prepares journal entries so that the accounts affected by the wire transfers are properly reflected in the Banner system.
• The journal entries are approved by either the Assistant Controller or by the Treasurer and posted to the Banner system by the Treasury Department.
• The person in the Controller’s Office initiating the wire transfer has a set threshold (maximum) of dollars that can be transferred. Wire transfers exceeding that limit are initiated by the Treasurer or VP for Finance. A properly completed wire transfer form is reviewed prior to any wire being sent.
• Certain wire transfers are approved by contracts that are authorized by the respective Deans and occur every month. The Controller’s Office does not initiate these monthly wire transfers (as they are automatically set-up to disburse in accordance with the contract). The Controller’s Office only posts the journal entries for these repetitive monthly wire transfers.
• The Controller’s Office prepares the journal entry, either the Assistant Controller or the Treasurer approves the journal entry and the Treasury Department posts the journal entry.
Student Loan Journal Entry
• On a daily basis, the controller’s office transfers money from the processed student loan account (processed by the Bursar) into bank account 20 (Tuition and Fees).
• The Controller’s Office scans the Banner report (for this student loan account).
The Controller’s Office electronically transfers the processed student loan balance into bank account 20. The Controller’s Office electronically transfers the money through a secured process in where passwords are used to initiate the transfer. The maximum amount the Controller’s Office is authorized to transfer is $5,000,000. Electronic transfers exceeding the $5,000,000 limit are initiated by the Treasurer or VP for Finance.
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